This is how climate change could change the US economy

What would happen to US economic growth if the country does nothing to combat global warming?

Investment manager BlackRock (BLK) has put this worst-case scenario into one handy map, showing an estimated impact on US GDP by 2060-2080 if no action on climate change is taken.

Courtesy: BlackRock

"The risks are asymmetric: some 58% of US metro areas would likely see GDP losses of 1% or more by 2080, with less than 1% set to enjoy gains of similar magnitude," according to BlackRock analysts led by global chief investment strategist Richard Turnill.

BlackRock used data from Rhodium Group, which includes measures of crime, mortality, labor productivity, heating and cooling demand, agricultural productivity and losses from storms.

For investors, climate risks are particularly relevant for physical assets with long lifespans, such as municipal bonds, commercial mortgage-backed securities and electric utilities, according to the asset manager.

"Within a decade, more than 15% of the current S&P National Municipal Bond Index (MUB) by market value would come from US regions suffering likely average annualized losses from climate change of up to 0.5% to 1% of GDP," the analysts said.

The key take away for BlackRock: Investors can no longer afford to ignore the risk that climate change poses.

12:03 p.m. ET, April 15, 2019

Stocks slide after bank earnings

From CNN Business' Anneken Tappe

At midday, US stocks are trending lower, led by losses in the financial sector.

The US dollar is still better than the rest

Traders increased their bearish bets on the euro -- the greenback's main rival -- to their highest level since early December 2016, according to Rabobank emerging market FX strategist Piotr Matys.

Essentially, the eurozone continues to underperform the US economy by a mile and the interest rate differential is skewed firmly in favor of the dollar," Matys said.

Although the Federal Reserve seems to be at the end of its tightening cycle, with interest rates in the range of 2.25%-2.5% and no more increases expected for this year, things look different for the European Central Bank.

The ECB hasn't raised rates since it cut them to record lows to combat the European sovereign debt crisis. While market participants initially expected a hike in summer of 2019, the central bank said it would keep rates at ultra-low levels through the end of 2019 -- after Draghi steps down as president.

All this leaves the dollar more attractive than the euro.

Throughout 2018, the dollar benefited from a sentiment that even in case of a trade war or global slowdown, the dollar would be the least worst off.

Last week, ECB President Mario Draghi reiterated his cautious outlook on eurozone growth, saying the outlook was still skewed to the downside thanks to geopolitical factors, a threat from protectionism and vulnerable emerging markets. The currency bloc's economy is expected to grow only 1.1% this year

10:34 a.m. ET, April 15, 2019

Stocks open flat after mixed bank earnings

From CNN Business' Anneken Tappe

US stocks were little changed at the market open Monday, as investors digested earnings from Goldman Sachs and Citigroup that came out before the bell.

Elsewhere, Best Buy (BBY) named Corie Barry its new CEO. She previously served as the company’s chief financial and strategic transformation officer. Shares of the retailer slipped 0.8%.

8:41 a.m. ET, April 15, 2019

Citi beats estimates, but reports revenue drop

From CNN Business' Anneken Tappe

Citibank (C) shares briefly dipped but then recovered in premarket trading, after the bank reported revenues of $18.6 billion and earnings of $1.87 per share in the first quarter of the year.

While the earnings beat analyst estimates, Citi posted a 2% revenue loss year-over-year, driven by lower revenues in equity markets and losses on loan hedges, the company said in a statement. In the first quarter of 2018, the bank's revenues had been $18.9 billion.

Net income, meanwhile, grew 2% to $4.7 billion in the quarter, thanks to lower expenses and a lower effective tax rate for the company.

With about an hour until the open, Citi shares were up 1.2% in premarket trading.

9:03 a.m. ET, April 15, 2019

Spotify slips on rumors of new Amazon challenger

From CNN Business' Jordan Valinsky

Spotify (SPOT) shares are sliding 3% in premarket trading because of potential new competition from Amazon.

Billboard reports that Amazon (AMZN) could launch a new free, ad-supported music service as soon as this week. Users would be able to access the new service through the company's voice-activated speakers.